It is our belief that our Educational / Schooling systems do not adequately if at all prepared our children for life in the real world. Everyday, they are bombarded with “BUY NOW - PAY LATER” marketing. PayMyParents has been developed to educate our kids from a young age using virtual - real life systems that form habits over a long period so that when you are no longer there to protect them, they stand a good chance of making educated decisions.
Part of the PayMyParents system is free access to Financial Wizards who offer sound financial advice and monetary skills. Our aim is to empower as many kids as possible to be financially independent at a cost that anyone can afford.
We all trust our children and want the best for them. The reality is that many, not all but most children borrow money from their parents and because they are so familiar, the parents become the first option to not pay when things are a bit tight.
Some parents may not use PayMyParents the first time BUT the next time, maybe a consolidation loan could be on the cards.
PLUS, the Education Factor needs to be considered as this is probably the most important element when using PayMyParents.
Parent/Child Loans are based on a $9.95 per month subscription fee which covers all costs for using PayMyParents.
No. You can cancel anytime.
No. As mentioned the cost of using PayMyParents is totally covered in the monthly subscription. As a parent, you may charge your children interest but that is your decision and any interest is simply included in the total of each payment and not as a separate interest payment.
Yes. We are trying to educate the children about real life experience. In the real world there are penalties associated with missing agreed terms and conditions. Therefore we have added a $5.00 charge for any defaulted or missed payments unless otherwise agreed. Any default fees are added to the loan as charges at the end of the loan.
No. There is no minimum or maximum although if a parent is lending a large value for a house or car or other large value item, there are different loan documents with various terms for these types of loans.
Yes. PayMyParents does not charge interest but some parents may need to cover a cost of money to lend to their children. If this is the case then simply add the interest to each payment.
Yes. Many parents will be like us and have found the hard way that getting paid back is not easy. Using PayMyParents to consolidate an old loan and a new one could be a great way to have a third party manage those payments and get paid.
Alternatively, if you are the child who has borrowed and not met all the payments and need to borrow more, this would be a great way to approach your parents with a solid payment plan that might just get you over the line for another loan.
You have full access to see payments and loan amounts. When the loan is fully paid, PayMyParents will let all parties know and cancel any further payments and subscriptions.
You can stop using PayMyParents anytime. There are no exit or termination fees. Simply let us know and either you or PayMyParents will stop the payments.
Absolutely not. PayMyParents is designed to educate our children, not punish them. As the parent, you are the banker and it is your call how you react to a child defaulting on payments. PayMyParents does not and will not pursue legal avenues to recover a loan default.
Absolutely. PayMyParents was born from parent to child loans but as we develop, you can use this for many loan options.
The contracts are legally binding. They are written by our legal team but are really designed to educate our children to read contracts before entering into them, to understand what they read and to make educated decisions from this knowledge.
Both the parent and child have access to the members section showing payments made, defaulted or other.
You can confidently lend money to as many children/people as you want. Only you and the borrower have access to the members section showing the loan amount and repayments. The operating system we use for this is the most secure system available.
Yes, once you are on the monthly subscription you are able to create multiple loan contracts for different children. There is a cost of an extra $2.50 per month per child.
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We have an Internal Dispute Resolution process . If you have a complaint about our services, please contact us. We aim to resolve the majority of complaints within five (5) business days. If we believe it may take longer to resolve your complaint or to investigate the matter thoroughly, we will let you know and keep you informed of progress.
You can make a complaint in writing (letter or email) or verbally (telephone or personal representation). Your complaint will be referred to our complaints officer for response.
All details are current as of May 20th 2020. We publish minor changes on our website and periodically will update our policies.